Majestic Tuna To Be 90 Pct Focused On EU Market Papua New Guinea, March 6, 12

Majestic Seafood Limited has a capital investment of USD 25 million a joint venture partnership between Thai Union (Thailand), Century Cannings (Philippines) and Frabelle (Philippines, and PNG owned company).

According to a European Union report, at this stage, it is planned that Majestic will process 100 percent canned tuna and 80-90 percent of will be exported to the EU market (Germany, Italy, United Kingdom) and 10-20 percent to other markets including the United States of America, Japan.

The EU report stated that the plant construction is nearing completion, and the likelihood of this operation proceeding is definite.

In December 2011, National Fisheries Authority (NFA) Board approved the issue of four licenses to supply the plants Phase 1 project where raw material will be supplied up to 120 metric tons per day, the report said.

According to reports from NFA, the phase 2 of the project will see the issuing of 6 new licenses which will see an increase of raw material supplied to 350 M/T per day.

The NFA report stated that the company will likely need to source additional raw material from other vessels (including utilizing global sourcing), unless additional fishing licenses are issued.

Currently, Frabelle is constructing a new vessel to supply Majestic and NFA have indicated that a vessel of equivalent capacity will be scrapped, the report said.

The Majestic licenses will be PNG-flagged and have access to Exclusive Economic Zone (EEZ) waters only.

EU head of Operations in PNG Peter Van Den Heuvel said that the European Union Economic Partnership Agreement (EU-EPA) will bring development to the country.

Mr. Van Den Heuvel said that this project will increase employment directly or indirectly especially to the women who are always marginalized in the male dominated career.